UAE daily stock market reports for Abu Dhabi Securities Market (ADSM) and Dubai Financial Market (DFM) - RSS feed

Thursday, December 18, 2008

UAE markets 18 Dec 2008

UAE market news & discussions for 18 December 2008

There was no positive reaction on the local markets to the record oil production cuts proposed by OPEC last night, perhaps overshadowed by ratings downgrades on several banks and other companies this week. The DFM fell 1% to 1909 points with increased turnover of AED 414m from 248m shares. The ADX fell 1.3% to 2676 with turnover of AED 312m from 89m shares. Aldar dominated trading in Abu Dhabi with a marginal 1 fil increase, while ADCB and Methaq insurance suffered big losses. In Dubai, Arabtec and DFM shares pushed Emaar into third place by turnover, with Arabtec down slightly but a solid rise for DFM shares. On the Nasdaq Dubai, DP World is unchanged at $0.34, and Depa is down 2% as of 15:30 UAE time.

Union Properties announced they would be discussing a convertible bond issue in a board meeting next week and shares rose 1% today. Ajman Bank may be opening their first branch later this month according to a report in the FT. Al Jazeera Steel of Oman (ATMI) started trading on the DFM today ... or didn't. There were no orders and no trades but it was "an exciting day" for them anyway. Du was given a "buy" rating in a report from NBK Capital earlier this week.

Dubai Financial Market

Arabtec (ARTC), down 1.1% to 5.22, and Dubai Financial Market (DFM), up 4.8% to 1.31, both traded about AED 100m dhs worth of shares, ahead of Emaar Properties (EMAAR) turnover of AED 73m worth as it fell by just 0.34% to 2.92. DFM was also the top gainer in a short list of only 5. The others were National General Cooling (TABREED) up 2.7%, Dubai Investment Company (DIC) up 2.5%, Union Properties (UPP) up 1%, and Emirates Integrated Telecommunications (DU) up 0.35%. Global Investment House (GLOBAL), in the news this week with a default risk rating, plummeted by 10% to 8.02 but that was from a solitary insignificant trade of just 100 shares. Emirates NBD (ENBD) was the worst of the more active losers, down by 4.1% to 3.31, Shuaa Capital (SHUAA) ended a bad week with a 3.1% fall to 1.26 on thin trading, Deyaar Development (DEYAAR) fell 3%, Dubai Islamic Bank (DIB) 2.5%, Gulf Navigation (GULFNAV) 2.3%, Islamic Arab Insurance (IAIC) 2%, and the remainder on thin trading or less than 2%.

Abu Dhabi Securities Exchange

Aldar Properties (ALDAR) turnover at just over AED 200m was about two-thirds of the ADX total for the day, and rose just 1 fil, or 0.2%, to 4.91. The next two in the traded value list were Sorouh Real Estate (SOROUH), falling 1.2%, and First Gulf Bank (FGB) 0.3%, but total turnover between was still less than a quarter of the Aldar total. Out of 9 gainers, only 3 others saw turnover of more than AED 1m - Ras Al Khaimah Properties (RAKPROP) up 1.6%, Agthia Group (AGTHIA) and Arkan Building Materials (ARKAN) up by less than 1%. Abu Dhabi Commercial Bank (ADCB) was the worst of the losers on active trading, falling 8.6% to 2.12. Methaq Islamic Insurance (METHAQ) had a bigger fall of 8.8% to 3.10 but on thin trading. Union National Bank (UNB) was another bank to plummet, down by 5.3% to 2.50, followed by Waha Capital (OILC) with a 4% fall to 0.72. Emirates Telecom (ETISALAT) was down 1.2% to 12.20, National Bank of Abu Dhabi (NBAD) down just 0.9% and the remaining losers fell on light trading or by less than 2%.

Dubai Financial Market and Abu Dhabi Securities Exchange index for 18 December 2008

UAE stock market news and discussions at Dubai Share Talk ...

Latest posts and topics (click timestamp for last post) Last Post By Last Post Date
Union Properties convertible bond
sam111sam Thu 18 Dec 2008 15:26
Ajman Bank opening delay
Amerf1 Thu 18 Dec 2008 13:30
Marketwatch DFM ADX December 2008
BullnBear Thu 18 Dec 2008 13:01
Al Jazeera Steel Dubai listing
sharewadi Thu 18 Dec 2008 12:54
UNB 2008 profit forecast
lala Thu 18 Dec 2008 12:46
OPEC oil cut
sharewadi Thu 18 Dec 2008 10:53
UAE job cuts
Bimcnorth Thu 18 Dec 2008 07:27
Du Telecom report NBK
sharewadi Thu 18 Dec 2008 02:42
UAE bank ratings downgraded
Bimcnorth Thu 18 Dec 2008 01:44
Ajman Bank strategy review (October)
sharewadi Thu 18 Dec 2008 01:20
Global Investment House default risk
sharewadi Wed 17 Dec 2008 20:13
Dubai government company downgrades
sharewadi Wed 17 Dec 2008 20:08
S&P Emaar rating downgrade
sharewadi Wed 17 Dec 2008 19:45
UAE EIBOR LIBOR CDS
alok_bxd Wed 17 Dec 2008 16:33
SHUAA Saudi brokerage
sharewadi Wed 17 Dec 2008 16:26
Dubai credit rating
sharewadi Wed 17 Dec 2008 16:05
Fed cuts rates to almost 0%
sam111sam Wed 17 Dec 2008 09:02
best stock rises
symbol price change
DFM 1.31 +0.06 +4.8%
TABREED 0.76 +0.02 +2.7%
DIC 1.22 +0.03 +2.5%
BOS 2.65 +0.06 +2.3%
NMDC 6.68 +0.14 +2.1%
worst stock falls
symbol price change
GLOBAL 8.02 -0.89 -10%
FH 5.65 -0.60 -9.6%
METHAQ 3.11 -0.30 -8.8%
ADCB 2.13 -0.20 -8.6%
ASMAK 30.10 -2.70 -8.2%
top volume
symbol value (AED) price
ALDAR201,988,1964.93
ARTC100,496,1895.22
DFM98,338,4661.31
EMAAR72,774,5612.92
AIRARABIA45,193,2331.00

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